The straightforward play, which has worked exceptionally well so far this year, has been to look for companies with costs in a depreciating dollar and revenues in more vibrant currencies–meaning just about anything in the OECD other than dollars.

It seems to me, though, that there’s a case to be made now for left-behind, “broken” stocks. In a way, this is just classic value investing. But to a potential European or Asian acquirer, prices are now something like 15% cheaper than in January, due to the dollar’s decline. And arguably the lion’s share of the bad news of Trumponomics is already baked into today’s values.